This chart shows the U.S. labor market is running on fumes. Why that’s a risk for the stock market.

1. U.S. labor market weakness poses risks to the economy and S&P 500. 2. Core job growth has slowed to 0.02%, signaling Fed rate cuts. 3. Health sector accounts for 87.3% of private payroll growth in 2025. 4. S&P 500's high valuation makes it sensitive to economic changes. 5. Consumer spending drop may indicate risks for corporate earnings.